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Posted by PSJ on October 18, 2006, 12:07 am
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>>>I have made three withdrawals from my IRA accounts(I'm 70 1/2 and these
>>>withdrawals should be considered income), two from traditional IRAs and
>>>one from a 401k account. Of the three withdrawals only the one from the
>>>401k is being reported as income in all of the tax reports. The other two
>>>are not recorded as income. I checked the tax set up of all three
>>>accounts and the traditional IRAs show the transfer out is to go to a
>>>1099R. The 401k doesn't show this. I'm confused is a 1099R considered
>>>income? If I transfer this data to TurboTax what will the total income
>>>be? I may be missing something simple please help.
>
>> I discovered last year that the $'s out of an IRA had to be transferred
>> to a cash acc't to show up in the tax schedule report as 1099R income. I
>> created a cash acc't, transferred gross rmd to it & then transferred the
>> full am't to a taxable investment acc't. It was in this acc't that I paid
>> fed & state taxes.
>
> I don't understand why that would be (or what version of Quicken you
> discovered that in). If the tax attributes for the account are set
> correctly, why wouldn't the withdrawals from an IRA account show up in the
> Tax Schedule report as 100R income. (I just did a quick test with Q2006,
> and it appeared to work for me.)
>
John,
You tried this after I complained last year w/06p that transferring rmd from
an IRA to a taxable investment acc't did not show up in the tax schedule
report under 1099r (YES, the tax attributes are ser correctly & I was
heartened that you confirmed my problem). The same is true this year w/07p;
I could not transfer $'s directly from IRA to taxable acc't. & have it show
up in the tax schedule report. Therefore, the intermediate transfer was
required.
--
PSJ
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